VODAFONE has lined up a possible £84billion megadeal that would put it at the front of the fast and furious ­telecoms takeover race.

But the irony is that instead of super-charging the FTSE-100 group, a huge cash injection from the sale of its US subsidiary could leave it back in the pits facing a takeover bid.

Shares in Vodafone – sponsor of the McLaren Mercedes Formula One team – have been roaring ahead since Thursday’s revelation that it is in talks to sell its 45 per cent stake in US mobile giant Verizon Wireless.

The deal could still fall through but long-standing US partner and 55 per cent shareholder Verizon Communications is expected to offer between £64billion and ­£84billion as early as next week.

The third largest corporate deal in history, it would transform Vodafone and unleash a cashcade for the company and its shareholders, including all major pension funds.

Attention has focused on how it might use the windfall to fund a dividend payout and create a war chest for deals in an industry that is in the grip of takeover mania.

There has been a flurry of acquisitions this year, including the ­£15billion takeover of Britain’s Virgin Media by Liberty Global of the US as part of the rush to become so-called triple operators who offer mobile phone, fixed line and broadband services. Led by Vittorio Colao, Vodafone has been an enthusiastic participant.

Last year it bought Cable & Wireless Worldwide for £1billion and this year it has agreed to pay £9billion for Germany’s Kabel.

That deal will expand its presence in the country to 32.4million mobile customers, 5million broadband users and 7.6million direct TV viewers.

But a cash-rich Vodafone, freed of any ties to the US, could then become a target itself.

Veteran market watcher David Buik, at broker Panmure Gordon, said: “There are also rumblings from across the Pond that AT&T will be keeping a watching brief on Vodafone.

“A slimmed down mobile operator may be very attractive to a fixed line operator such as AT&T.”

Keen to expand on this side of the Atlantic, the US phone giant is the most likely bidder and has the firepower to pay £80billion for Vodafone. Japan’s Softbank could also be interested.

AT&T has been looking closely at Europe, where Vodafone’s reach includes ­Hungary, Italy, Spain and Greece.

But it would also reap the benefit of Vodafone’s international operations as far afield as Australia, India, South Africa and Qatar.

Robin Bienenstock, at Bernstein Research, warned Vodafone could not afford to take its time deciding how it would spend its money.

He said: “The global mergers and acquisitions context and the likelihood that Vodafone would immediately be in play mean that Vodafone requires a solid post-deal plan beyond a special dividend and a few European acquisitions.

There are also rumblings from across the Pond that AT&T will be keeping a watching brief on Vodafone